Liquidity in the AUD in particular is quite deep during the Asian session and the market has been able to soak up a lot of the heavy flows that have been seen this morning. Sterling is a different matter. Dealers often have to sit on large positions for many hours, trying to hold the market inside tight ranges until the European market, with all its liquidity, opens. The turnover has supposedly been very heavy so far today and I suspect that some dealers are sitting very long and are hoping and praying that London opens early with a bullish tone towards the pound.